Highlights:
- Achieved record quarterly revenue, net income, and Adjusted EBITDA of
$53.6 million ,$17.5 million and$38.7 million , respectively, in the third quarter of 2023 - Bridger’s Super Scooper fleet experienced its highest level of utilization ever during the third quarter despite a shorter-than-average North American wildfire season
- In the process of acquiring four Spanish Super Scoopers won at auction by the Spanish government in
September 2023 , positioning Bridger for revenue and cash flow growth for the next several years
Third Quarter 2023 Results
“Bridger’s Super Scooper fleet experienced its highest level of utilization in Bridger’s history during the third quarter of 2023, driving record results, including Adjusted EBITDA of
Revenue for the third quarter of 2023 was
Cost of revenues was
Selling, general and administrative expenses (“SG&A”) were
Interest expense for the third quarter of 2023 decreased to
Bridger reported net income of
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
At
Year to Date Results
Revenue for the first nine months of 2023 was
Cost of revenues was
SG&A expenses were
Interest expense for the first nine months of 2023 increased to
Bridger reported a net loss of
Business Outlook
While the Company saw record results in the third quarter after the late start to the wildfire season, the last two weeks of September brought cooler, wet weather to the
Given the Company’s largely fixed cost structure and seasonality, Bridger typically generates positive Adjusted EBITDA in the second and third quarters each year, during the bulk of the wildfire season and negative Adjusted EBITDA in the first and fourth quarters. In response to the shorter 2023 wildfire season, Bridger has identified reductions to its largely fixed cost structure that will benefit the fourth quarter and the full year 2024. Even with these cuts, the Company expects to report negative Adjusted EBITDA of
Looking at Bridger’s standalone operations for the full year 2024, Adjusted EBITDA is anticipated to range from
Below is a breakout of revenue and Adjusted EBITDA on a quarterly basis to demonstrate the seasonality of the Company’s business.
(in thousands) | ||||||||||||||||||||
Actual | Projected | Projected Annual | Projected | |||||||||||||||||
Q1-2023 | Q2-2023 | Q3-2023 | Q4-2023 | FY-2023 | Cost Savings | FY-2024 | ||||||||||||||
Revenues | $ | 365 | $ | 11,615 | $ | 53,619 | $ 400 - 2,400 | |||||||||||||
Adjusted EBITDA | (10,671 | ) | 960 | 38,738 | (10,000) - (11,000) | 18,000 - 19,000 | 16,000 | 35,000 - 51,000 | ||||||||||||
Actual | ||||||||||||||||||||
Q1-2022 | Q2-2022 | Q3-2022 | Q4-2022 | FY-2022 | ||||||||||||||||
Revenues | 69 | 12,754 | 32,453 | 1,112 | 46,388 | |||||||||||||||
Adjusted EBITDA | $ | (8,953 | ) | $ | 2,011 | $ | 19,121 | $ | (8,517 | ) | $ | 3,662 |
Definitions and reconciliations of net loss to EBITDA and Adjusted EBITDA, are attached as Exhibit A to this release.
Spanish Super Scooper Acquisition Update
Bridger continues to take efforts to complete the acquisition of the four Super Scoopers recently won by Bridger at an auction by the Spanish government. This acquisition involves the purchase of four Super Scoopers for €40.3 million.
Bighorn Acquisition Update
Bridger and
Conference Call
About
Based in
Investor Contacts
201-220-2678
aziegler@darrowir.com
Forward Looking Statements
Certain statements included in this press release are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “poised,” “positioned,” “potential,” “seem,” “seek,” “future,” “outlook,” “target,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, (1) anticipated expansion of Bridger’s operations and increased deployment of Bridger’s aircraft fleet, including references to Bridger’s acquisition of and/or right to use the four Super Scoopers from the Spanish government, including the expected closing timings thereof, the anticipated benefits therefrom, and the ultimate structure of such acquisitions and/or right to use arrangements; (2) Bridger’s business and growth plans and future financial performance, including anticipated revenue, cash flow, and Adjusted EBITDA for the fourth quarter and full year of 2023 and for 2024; (3) current and future demand for aerial firefighting services, including the duration or severity of any domestic or international wildfire seasons; (4) the magnitude, timing, and benefits from any cost reduction actions: (5) Bridger’s exploration of, need for, or completion of any future financings, and (6) anticipated investments in additional aircraft, capital resources, and research and development and the effect of these investments. These statements are based on various assumptions and estimates, whether or not identified in this press release, and on the current expectations of Bridger’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Bridger. These forward-looking statements are subject to a number of risks and uncertainties, including: the ultimate outcome of Bridger’s acquisition of the Super Scoopers to be sold by the Spanish government; Bridger’s ability to identify and effectively implement any current or future anticipated cost reductions, including any resulting impacts to Bridger’s business and operations therefrom; the duration or severity of any domestic or international wildfire seasons; changes in domestic and foreign business, market, financial, political and legal conditions; Bridger’s failure to realize the anticipated benefits of any acquisitions; Bridger’s successful integration of the aircraft (including achievement of synergies and cost reductions); Bridger’s ability to successfully and timely develop, sell and expand its services, and otherwise implement its growth strategy; risks relating to Bridger’s operations and business, including information technology and cybersecurity risks, loss of requisite licenses, flight safety risks, loss of key customers and deterioration in relationships between Bridger and its employees; risks related to increased competition; risks relating to potential disruption of current plans, operations and infrastructure of Bridger, including as a result of the consummation of any acquisition; risks that Bridger is unable to secure or protect its intellectual property; risks that Bridger experiences difficulties managing its growth and expanding operations; Bridger’s ability to compete with existing or new companies that could cause downward pressure on prices, fewer customer orders, reduced margins, the inability to take advantage of new business opportunities, and the loss of market share; the impact of the coronavirus pandemic; the ability to successfully select, execute or integrate future acquisitions into Bridger’s business, which could result in material adverse effects to operations and financial conditions; and those factors discussed in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” included in Bridger’s Annual Report on Form 10-K filed with the
BRIDGER AEROSPACE GROUP HOLDINGS, LLC | ||||||||||||
(PREDECESSOR TO BRIDGER AEROSPACE GROUP HOLDINGS, INC.) | ||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(All amounts in | ||||||||||||
(unaudited) | ||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Revenues | $ | 53,619,117 | $ | 32,452,593 | $ | 65,599,770 | $ | 45,275,556 | ||||
Cost of revenues: | ||||||||||||
Flight operations | 9,673,769 | 7,120,107 | 19,706,152 | 16,635,021 | ||||||||
Maintenance | 5,534,423 | 5,498,105 | 13,260,850 | 11,932,078 | ||||||||
Total cost of revenues | 15,208,192 | 12,618,212 | 32,967,002 | 28,567,099 | ||||||||
Gross income | 38,410,925 | 19,834,381 | 32,632,768 | 16,708,457 | ||||||||
Selling, general and administrative expense | 15,826,474 | 18,058,418 | 64,242,773 | 28,635,304 | ||||||||
Operating income (loss) | 22,584,451 | 1,775,963 | (31,610,005 | ) | (11,926,847 | ) | ||||||
Interest expense | (5,970,547 | ) | (6,984,901 | ) | (17,175,959 | ) | (12,993,129 | ) | ||||
Other income (expense) | 559,992 | (441,788 | ) | 2,253,320 | (166,634 | ) | ||||||
Income (loss) before income taxes | 17,173,896 | (5,650,726 | ) | (46,532,644 | ) | (25,086,610 | ) | |||||
Income tax benefit | 314,080 | - | 314,080 | - | ||||||||
Net income (loss) | $ | 17,487,976 | $ | (5,650,726 | ) | $ | (46,218,564 | ) | $ | (25,086,610 | ) | |
Series A Preferred Stock – adjustment for deemed dividend upon Closing | $ | - | $ | - | $ | (48,300,000 | ) | $ | - | |||
Series A Preferred Stock – adjustment to eliminate 50% multiplier | $ | - | $ | - | $ | 156,362,598 | $ | - | ||||
Series A Preferred Stock – adjustment to maximum redemption value | $ | (6,048,025 | ) | $ | - | $ | (16,128,047 | ) | $ | - | ||
Legacy | $ | - | $ | (5,643,337 | ) | $ | - | $ | (196,884,119 | ) | ||
Legacy Bridger Series A Preferred Shares – adjustment for redemption, extinguishment, accrued interest, and change in fair value | $ | - | $ | - | $ | - | $ | (85,663,336 | ) | |||
Net income (loss) attributable to Common stockholders - basic and diluted | $ | 11,439,951 | $ | (11,294,063 | ) | $ | 45,715,987 | $ | (307,634,065 | ) | ||
Net income (loss) per Common Stock - basic | $ | 0.25 | $ | (0.29 | ) | $ | 1.02 | $ | (7.93 | ) | ||
Net income (loss) per Common Stock - diluted | $ | 0.15 | $ | (0.29 | ) | $ | 0.59 | $ | (7.93 | ) | ||
Weighted average Common Stock outstanding – basic | 45,905,962 | 38,770,646 | 44,936,629 | 38,770,646 | ||||||||
Weighted average Common Stock outstanding – diluted | 78,895,759 | 38,770,646 | 77,903,350 | 38,770,646 |
BRIDGER AEROSPACE GROUP HOLDINGS, LLC | ||||||
(PREDECESSOR TO BRIDGER AEROSPACE GROUP HOLDINGS, INC.) | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(All amounts in | ||||||
(Unaudited) | ||||||
As of | As of | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 19,378,525 | $ | 30,162,475 | ||
Restricted cash | 12,292,731 | 12,297,151 | ||||
Investments in marketable securities | 2,249,068 | 54,980,156 | ||||
Accounts and note receivable | 25,401,837 | 28,902 | ||||
Aircraft support parts | 488,145 | 1,761,270 | ||||
Prepaid expenses and other current assets | 3,968,810 | 1,835,032 | ||||
Deferred offering costs | - | 5,800,144 | ||||
Total current assets | 63,779,116 | 106,865,130 | ||||
Property, plant and equipment, net | 198,472,301 | 192,091,413 | ||||
Intangible assets, net | 1,428,956 | 208,196 | ||||
13,134,371 | 2,457,937 | |||||
Other noncurrent assets | 13,896,708 | 4,356,225 | ||||
Total assets | $ | 290,711,452 | $ | 305,978,901 | ||
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 1,351,970 | $ | 3,170,354 | ||
Accrued expenses and other current liabilities | 10,536,129 | 18,669,572 | ||||
Operating right-of-use current liability | 1,531,567 | 21,484 | ||||
Current portion of long-term debt, net of debt issuance costs | 1,940,914 | 2,445,594 | ||||
Total current liabilities | 15,360,580 | 24,307,004 | ||||
Long-term accrued expenses and other noncurrent liabilities | 12,821,049 | 45,659 | ||||
Operating right-of-use noncurrent liability | 6,764,776 | 754,673 | ||||
Long-term debt, net of debt issuance costs | 205,219,737 | 205,471,958 | ||||
Total liabilities | $ | 240,166,142 | $ | 230,579,294 | ||
COMMITMENTS AND CONTINGENCIES | ||||||
MEZZANINE EQUITY | ||||||
Series A Preferred Stock | 348,786,994 | - | ||||
Legacy | - | 489,021,545 | ||||
STOCKHOLDERS’ DEFICIT | ||||||
Common Stock | 4,949 | 3,908 | ||||
Additional paid-in capital | 82,776,619 | - | ||||
Accumulated deficit | (382,566,331 | ) | (415,304,343 | ) | ||
Accumulated other comprehensive income | 1,543,079 | 1,678,497 | ||||
Total stockholders’ deficit | (298,241,684 | ) | (413,621,938 | ) | ||
Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 290,711,452 | $ | 305,978,901 | ||
BRIDGER AEROSPACE GROUP HOLDINGS, LLC | |||||||
(PREDECESSOR TO BRIDGER AEROSPACE GROUP HOLDINGS, INC.) | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(All amounts in | |||||||
(Unaudited) | |||||||
For the Nine Months Ended | |||||||
2023 | 2022 | ||||||
Cash Flows from Operating Activities: | |||||||
Net loss | $ | (46,218,564 | ) | $ | (25,086,610 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities, net of acquistions | |||||||
Loss on sale/disposal of fixed assets | 423,187 | 1,588,361 | |||||
Depreciation and amortization | 10,233,947 | 8,561,926 | |||||
Impairment of long-lived assets | 626,848 | - | |||||
Stock based compensation expense | 38,650,880 | 7,003 | |||||
Loss on extinguishment of debt | - | 844,925 | |||||
Change in fair value of the Warrants | 1,865,500 | - | |||||
Change in fair value of freestanding derivative | 50,559 | (59,309 | ) | ||||
Amortization of debt issuance costs | 725,524 | 288,853 | |||||
Interest accrued on Legacy Bridger Series B Preferred Shares | - | 3,586,586 | |||||
Change in fair value of Legacy | - | 3,918,636 | |||||
Change in fair value of Series A Preferred Stock | (45,378 | ) | - | ||||
Realized gain on investments in marketable securities | (561,905 | ) | - | ||||
Changes in operating assets and liabilities | |||||||
Accounts and note receivable | (25,372,935 | ) | (10,885,879 | ) | |||
Aircraft support parts | 1,273,125 | 183,390 | |||||
Prepaid expense and other current and noncurrent assets | (4,057,674 | ) | (305,096 | ) | |||
Accounts payable, accrued expenses and other liabilities | (19,084,478 | ) | 9,398,500 | ||||
Net cash used in operating activities | (41,491,364 | ) | (7,958,714 | ) | |||
Cash Flows from Investing Activities: | |||||||
Investments in construction in progress – buildings | - | (7,739,841 | ) | ||||
Proceeds from sales and maturities of marketable securities | 53,088,665 | - | |||||
Sale of property, plant and equipment | 817,000 | 286,400 | |||||
Purchases of property, plant and equipment | (18,054,137 | ) | (23,818,386 | ) | |||
Purchases of marketable securities | - | (38,508,475 | ) | ||||
Net cash provided by (used in) investing activities | 35,851,528 | (69,780,302 | ) | ||||
Cash Flows from Financing Activities: | |||||||
Payment to Legacy Bridger Series A Preferred Shares members | - | (236,250,000 | ) | ||||
Payment to Legacy Bridger Series B Preferred Shares members | - | (69,999,223 | ) | ||||
Borrowing from Legacy | - | 288,684,675 | |||||
Borrowings from 2022 Taxable Industrial Revenue Bond | - | 160,000,000 | |||||
Extinguishment of 2021 Taxable Industrial Revenue Bond | - | (7,549,900 | ) | ||||
Payment of finance lease liability | (22,790 | ) | - | ||||
Proceeds from the Closing | 3,193,536 | - | |||||
Costs incurred related to the Closing | (6,793,574 | ) | - | ||||
Borrowings from various | - | 202,216 | |||||
Payment of debt issuance costs | - | (4,417,806 | ) | ||||
Payment of offering costs | - | (896,108 | ) | ||||
Repayments on debt | (1,482,425 | ) | (1,463,862 | ) | |||
Net cash (used in) provided by financing activities | (5,105,253 | ) | 128,309,992 | ||||
Effects of exchange rate changes | (43,281 | ) | (359 | ) | |||
Net change in cash, cash equivalents and restricted cash | (10,788,370 | ) | 50,570,617 | ||||
Cash, cash equivalents and restricted cash – beginning of the period | 42,459,626 | 17,261,132 | |||||
Cash, cash equivalents and restricted cash – end of the period | $ | 31,671,256 | $ | 67,831,749 | |||
Less: Restricted cash – end of the period | 12,292,731 | 12,224,970 | |||||
Cash and cash equivalents – end of the period | $ | 19,378,525 | $ | 55,606,779 | |||
EXHIBIT A
Non-GAAP Results and Reconciliations
Although Bridger believes that net income or loss, as determined in accordance with GAAP, is the most appropriate earnings measure, we use EBITDA and Adjusted EBITDA as key profitability measures to assess the performance of our business. Bridger believes these measures help illustrate underlying trends in our business and use the measures to establish budgets and operational goals, and communicate internally and externally, for managing our business and evaluating its performance. Bridger also believes these measures help investors compare our operating performance with its results in prior periods in a way that is consistent with how management evaluates such performance.
Each of the profitability measures described below are not recognized under GAAP and do not purport to be an alternative to net income or loss determined in accordance with GAAP as a measure of our performance. Such measures have limitations as analytical tools, and you should not consider any of such measures in isolation or as substitutes for our results as reported under GAAP. EBITDA and Adjusted EBITDA exclude items that can have a significant effect on our profit or loss and should, therefore, be used only in conjunction with our GAAP profit or loss for the period. Bridger’s management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, these measures may not be comparable to other similarly titled measures of other companies.
Bridger does not provide a reconciliation of forward-looking measures where Bridger believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts, such as acquisition costs, integration costs and loss on the disposal or obsolescence of aging aircraft. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of Bridger’s control or cannot be reasonably predicted. For the same reasons, Bridger is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
EBITDA and Adjusted EBITDA
EBITDA is a non-GAAP profitability measure that represents net income or loss for the period before the impact of the interest expense, income tax expense (benefit) and depreciation and amortization of property, plant and equipment and intangible assets. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting financing expenses), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense).
Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before certain items that are considered to hinder comparison of the performance of our businesses on a period-over-period basis or with other businesses. During the periods presented, we exclude from Adjusted EBITDA gains and losses on disposals of assets, and offering costs related to financing and other transactions, which include costs that are required to be expensed in accordance with GAAP. In addition, we exclude from Adjusted EBITDA non-cash stock-based compensation, business development expenses and integration expenses, loss on extinguishment of debt, and one-time discretionary bonuses to employees and executives. Our management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA are appropriate to provide additional information to investors about certain material non-cash items and about unusual items that we do not expect to continue at the same level in the future.
The following table reconciles net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for the three and nine months ended
For the three months ended | For the nine months ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net loss | $ | 17,487,976 | $ | (5,650,726 | ) | $ | (46,218,564 | ) | $ | (25,086,610 | ) | ||||
Income tax benefit | (314,080 | ) | - | (314,080 | ) | - | |||||||||
Depreciation and amortization | 5,247,755 | 4,467,072 | 10,233,947 | 8,561,926 | |||||||||||
Interest expense | 5,970,547 | 6,984,901 | 17,175,959 | 12,993,129 | |||||||||||
EBITDA | 28,392,198 | 5,801,247 | (19,122,738 | ) | (3,531,555 | ) | |||||||||
Loss on disposals and non-cash impairment charges(i) | - | 806,869 | 1,052,407 | 1,588,361 | |||||||||||
Offering costs(ii) | 662,149 | 1,336,102 | 3,929,756 | 2,549,300 | |||||||||||
Stock-based compensation(iii) | 9,003,786 | 2,222 | 41,614,316 | 7,002 | |||||||||||
Business development & integration expenses(iv) | 680,021 | 193,039 | 1,553,298 | 585,015 | |||||||||||
Loss on extinguishment of debt(v) | - | 844,925 | - | 844,925 | |||||||||||
Discretionary bonuses to employees and executives(vi) | - | 10,136,530 | - | 10,136,530 | |||||||||||
Adjusted EBITDA | $ | 38,738,154 | $ | 19,120,934 | $ | 29,027,039 | $ | 12,179,578 | |||||||
i) | Represents loss on the disposal of an aging aircraft and the non-cash impairment charges on a retired aircraft. |
ii) | Represents one-time professional service fees related to the preparation for potential offerings that have been expensed during the period. |
iii) | Represents stock-based compensation expense recognized of RSUs granted to certain employees and the fair value adjustment for warrants issued in connection with Bridger’s |
iv) | Represents expenses related to potential acquisition targets and additional business lines. |
v) | Represents loss on extinguishment of debt related to the Series 2021 Bond and forgiveness of the Paycheck Protection Program (“PPP”) loan. |
vi) | Represents one-time discretionary bonuses to certain employees and executives of Bridger in connection with the issuance of the Series C preferred shares by Bridger’s predecessor entity, the issuance of the Series 2022 municipal bonds, execution of the transaction agreements and the initial filing of the proxy statement/prospectus prepared in connection with the Business Combination. |
The following table reconciles net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA for each quarter of 2022 and full year 2022.
Q1-2022 | Q2-2022 | Q3-2022 | Q4-2022 | FY-2022 | |||||||||||||||
Net loss | $ | (14,873,009 | ) | $ | (4,562,875 | ) | $ | (5,650,726 | ) | $ | (16,976,040 | ) | $ | (42,062,650 | ) | ||||
Depreciation and amortization | 1,266,922 | 2,827,932 | 4,467,072 | 529,293 | 9,091,219 | ||||||||||||||
Interest expense | 3,714,546 | 2,293,682 | 6,984,901 | 6,964,739 | 19,957,868 | ||||||||||||||
EBITDA | (9,891,541 | ) | 558,739 | 5,801,247 | (9,482,008 | ) | (13,013,563 | ) | |||||||||||
Loss on disposals and non-cash impairment charges(i) | 781,492 | - | 806,869 | 181,371 | 1,769,732 | ||||||||||||||
Offering costs(ii) | - | 1,213,198 | 1,336,102 | 412,343 | 2,961,643 | ||||||||||||||
Stock-based compensation(iii) | 2,558 | 2,222 | 2,222 | 2,221 | 9,223 | ||||||||||||||
Business development & integration expenses(iv) | 155,373 | 236,603 | 193,039 | 368,979 | 953,994 | ||||||||||||||
Loss on extinguishment of debt(v) | - | - | 844,925 | - | 844,925 | ||||||||||||||
Discretionary bonuses to employees and executives(vi) | - | - | 10,136,530 | - | 10,136,530 | ||||||||||||||
Adjusted EBITDA | $ | (8,952,118 | ) | $ | 2,010,762 | $ | 19,120,934 | $ | (8,517,094 | ) | $ | 3,662,484 | |||||||
i) | Represents loss on the disposal of an aging aircraft and the non-cash impairment charges on a retired aircraft. |
ii) | Represents one-time professional service fees related to the preparation for potential offerings that have been expensed during the period. |
iii) | Represents stock-based compensation expense recognized for incentive units granted to selected board members and executives. |
iv) | Represents expenses related to potential acquisition targets and additional business lines. |
v) | Represents loss on extinguishment of debt related to the Series 2021 Bond and forgiveness of PPP loan. |
vi) | Represents one-time discretionary bonuses to certain employees and executives of Bridger in connection with the issuance of the Series C preferred shares by Bridger’s predecessor entity, the issuance of the Series 2022 municipal bonds, execution of the transaction agreements and the initial filing of the proxy statement/prospectus prepared in connection with the Business Combination. |
Source:
2023 GlobeNewswire, Inc., source